Payday Loan Payment Question

jont80

I have gotten in trouble with loans and have to set up repayment plans.I have read that you need to cancel your card and get a new one as they will plunder your account. Can somebody tell me since my card expired and i have been sent a new one can they plunder my account in another way beside trying your card for payment ???
Also i have 2 accounts with my bank 1 being a savings account.
Instead of opening a new account with another bank could i get my wages paid into my second account which they dont have sort or account number for and no card for withdrawal ? Would my wages be safe in that acccount ??

Hannah_10

Yes they can still get a card payment to go through, even on an old dead card, if they say they had authorisation for it. I am not sure how the technicalities of this work, but people have been caught short that way.

There are lots of ways to take money out of your account, it all depends what authorisations you gave them and what you didn't, but because payday loans are slippery sharks it's hard to be certain you haven't missed something in the terms and conditions.

No, if they do not have details for your savings account they can not access it. That said- your bank can. It's a long shot, but they can sometimes move money over from one account to the other to cover a card payment for example. It comes under the right of set off which they have (look on the debts section of the main site).

The obvious thing to do is tell your bank you are concerned this company may try to fraudulently take payments against your old card and you want to make sure that can't happen. Be very clear that any further payments the company attempt to put on the old, dead card are unauthorised. Your bank should be able to mark your account with these concerns and see to it that this can't happen.